GLG News by Prime Brokerage Services Experts

Justin HupetPrincipal & Managing PartnerFour Peaks Capital LLC 
          What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Genworth MI Canada: Successful IPO, But Mixed Market Reaction

July 9, 2009

What to take from Genworth's IPO | www.theglobeandmail.com

Genworth Financial (NYSE:GNW) completed an IPO of their Canadian operations in a bid to raise capital to pay down debt at the parent company.  The mortgage insurer’s Canadian offering raised at least C$850 million (44.7mm shares priced at C$19 per share and the underwriters have the option to sell an additional C$127mm (6.7mm shares) up until August 6th).  If the option is exercised in full, Genworth Financial would have a 56% ownership interest in Genworth MI Canada (TSX:MIC).  This is the largest IPO in the Canadian marketplace since 2007, when gold miner Franco-Nevada raised C$1.3bn, and is only one of a handful of IPO’s completed in Canada YTD.

David Maloni, Principal

David MaloniPrincipalARA Trading Inc. 
          What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Changes coming in the dairy markets

June 25, 2009

For Dairy Farmers, the Depression is Here. Is Industrial Agriculture to Blame? | blog.eatwellguide.org

The current breakeven levels for US dairy farmers is estimated to be around $15 class III milk. The current market is roughly $10.

David Maloni, Principal

David MaloniPrincipalARA Trading Inc. 
          What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Chicken Wing in a Coal Mine

June 19, 2009

Tyson's Losses on Chicken are Pilgrim's Pride's Losses Too | industry.bnet.com

Will record chicken wing prices help boost chicken breast prices and producer margins?

David Maloni, Principal

David MaloniPrincipalARA Trading Inc. 
          What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Possible Changes in Pork Production

June 12, 2009

Lower crop supplies could mean higher food prices | www.washingtonpost.com

Elevated feed costs could lead to a reduction in the hog herd.

David Maloni, Principal

David MaloniPrincipalARA Trading Inc. 
          What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Beef Supply Surprise

June 5, 2009

Agricultural, Livestock Futures Mostly Drop | www.washingtonpost.com

Despite the 4% decline so far in overall beef production, our models suggest that prime and choice beef output are somewhere around 3% higher than a year ago.

David Maloni, Principal

David MaloniPrincipalARA Trading Inc. 
          What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Margin for error with the grain crops is shrinking

May 28, 2009

Coping with feed price volatility | www.feedmanagement-digital.com

Corn and soybean stocks are projected to be relatively tight with the upcoming crop year (2009/10- for corn and soybean crops that are being planted now). And the major problem that buyers face when the trade is anticipating tight stocks is that the margin for error is small.

David Maloni, Principal

David MaloniPrincipalARA Trading Inc. 
          What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Historic Chicken Production Slowdown

May 22, 2009

Chicken plant's prospective owner intends to restore all 1,300 jobs | www.shreveporttimes.com

Chicken production in 2009 is expected to decline by the most since at least 1961 despite the purchase of the Pilgrims Pride Plant by Foster Farms.

David Maloni, Principal

David MaloniPrincipalARA Trading Inc. 
          What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Dairy Market Confusion

May 8, 2009

Low milk prices leave many producers in survival mode | www.extension.umn.edu

Dairy cow slaughter prices in Wisconsin have climbed to their highest levels since October suggesting that dairy farmer profitability has improved and dairy cow slaughter has waned. 

David Maloni, Principal

David MaloniPrincipalARA Trading Inc. 
          What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Corn demand and ethanol

May 1, 2009

California Says Corn Ethanol Needs to Go On Carbon Diet | featured.matternetwork.com

As writing in previous notes, corn demand has been challenged during the last several months due to poor profitability from major corn users including ethanol producers and protein and dairy farmers. The demand from these industries make up roughly 70% of the annual corn crop. For the last 18 months or so profitability for livestock and poultry farmers has been poor to say the least and they have reduced the sizes of the herds/flocks. 

David Maloni, Principal

David MaloniPrincipalARA Trading Inc. 
          What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Chicken Market Expectations

April 24, 2009

Share Price Jumps After Pilgrim's Pride Posts Operating Profit | www.nwaonline.net

In 2006 when production cutbacks were in place, the chicken breast market increase during the next 11 weeks was nearly triple the average for the past 4 years.

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